- Portugal tipped to see 25% growth in UNHWIs in next 5 years (Knight Frank)
- New Incentivised Tax Scheme attracting interest in Portuguese tax residency
- Golden Triangle home ownership delivers everything from weather to wellness
- Vale do Lobo shines as jewel in Portugal’s Golden Triangle crown
Knight Frank’s 2024 Wealth Report projects that Portugal will see a significant increase in ultra-high net worth individuals (UHNWIs – those with a net worth of $30m or more) over the next five years. The number of UHNWIs in Portugal grew by 3% between 2022 and 2023, from 777 to 800, but Knight Frank expects this growth to accelerate to 25% between 2023 and 2028, representing 1,000 UHNWIs calling Portugal home.
Portugal has plenty that appeals to UHNWIs. The cost of living is low, there is a variety of visa programmes available and the new Incentivised Tax Scheme could be a route to tax exemption on foreign income for a decade.
On the property market front, the April 2024 RICS/Ci Portuguese Housing Market Survey points to a steady monthly trend in house prices and observes that, “Expectations continue to point to stronger sales market activity going forward.” Property Market-Index adds that Portugal’s luxury property market can expect to see an increase in value of 5.6% in 2024, outpacing the growth of high-end home prices in many other countries.
Portugal is also a win in non-financial terms. The country has excellent schooling and healthcare systems, beautiful weather, a stunning natural landscape and ranks 18th in the world in Vision of Humanity’s 2024 Positive Peace Index (up one place since 2023). It’s also easy to get to from the UK, with a flight time of around 2.5 hours to the Algarve’s Faro International Airport.
Knight Frank flags the Algarve as the region that is most sought after by English, Irish and northern Europeans. It is in the centre of that region where some of Portugal’s most prized properties can be found. Known as the Golden Triangle, it is a pocket of ultra-luxe delights – exclusive spas, world-class golf courses, Michelin star restaurants, golden sandy beaches and upscale resorts that are home to an array of stunning villas.
The Golden Triangle runs from Faro to Albufeira, encompassing the town of Almancil and the Quinta do Lago and Vale do Lobo resorts. The latter shines as the glittering jewel in the Golden Triangle crown, with a wealth of facilities that deliver refined relaxation and outstanding service for property owners and their guests.
According to Kronos Homes, which owns and operates the prestigious Vale do Lobo resort, the Golden Triangle is expected to welcome a new wave of UHNWIs over the coming years. Alda Filipe, Kronos Homes’ Real Estate Director, explains:
“The Golden Triangle has a special status in the Algarve. For generations, it has provided a luxurious lifestyle for those in the know. Now, a new generation of individuals and families are discovering the area, attracted not just by its reputation for luxury but also by the Golden Triangle’s wellness offering. It is a place to rejuvenate and refresh, to balance the strains of modern life with the chance to reconnect with nature and take the time to savour all the benefits that slowing your pace can provide.”
The Golden Triangle’s long-established tourism infrastructure, supported by the establishment of nearby Faro airport in 1965, makes it easy to access the area’s luxury resorts, world-class golf courses, fine dining restaurants and boutique shopping experiences. Everything from major cities to pristine beaches is on hand for those visiting the area, while those seeking homes can find well-established, multicultural communities and premium properties.
Buyers currently seeking second homes in the Algarve have several exciting opportunities at Vale do Lobo. The resort has a select few land plots available in two areas – the coastal Oceano Clube, offering some of the last true beachfront land available in Portugal, and the verdant Vale Real, a spectacular oasis of greenery, with panoramic golf course views. Further plots are soon to be revealed close to the 8th hole of the famous Ocean Golf Course at Vale do Lobo’s picturesque Vale das Flores. The plots enable buyers to design and build their dream Golden Triangle homes, customising them to their precise requirements. A selection of detached villas and townhouses is also available for UHNWIs looking to snap up a ready-built property.
For more information, email [email protected], call (+ 351) 289 353 101 or visit https://www.valedolobo.com.
